The Registrar of Companies, Goa, passed an adjudication order under Section 454 of the Companies Act, 2013 against Shreepati Build Infra Investment Limited for violation of Section 134(5A) read with Section 134(8) of the Act relating to non-compliance with Accounting Standards AS-09 and AS-15 for FY 2021-22. The ROC observed that the statutory auditor had qualified the audit report for deviations from these accounting standards, resulting in automatic non-compliance with the Directors’ Responsibility Statement requirements under Section 134(5A). The company argued during the e-hearing that the deviations were already disclosed in the notes to accounts, reported by the auditor, and compounded separately under Section 129, and therefore separate proceedings under Section 134(5A) would amount to double jeopardy. However, the ROC held that violation of Section 134(5A) was an independent and distinct default concerning directors’ responsibility towards accounting standard compliance and proper disclosures. Accordingly, a penalty of ₹3 lakh was imposed on the company and ₹50,000 on the CFO. No penalty was imposed on other directors in view of Section 2(60) of the Companies Act.
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
ROC Goa
ROC-cum-Official Liquidator, Ministry of Corporate Affairs, Corporate Bhawan, EDC Complex, Plot No.21, Patto, Goa, Goa, India, 403001
Phone: 0832-2438618/2438617
E-mail: roc.goa@mca.gov.in
Order ID: PO/ADJ/05-2026/GA/02118 | Dated: 13/05/2026
ORDER FOR ADJUDICATION OF PENALTY UNDER SECTION 454 OF THE COMPANIES ACT, 2013 (‘THE ACT’) FOR VIOLATION OF SECTION 134(8) OF THE COMPANIES ACT, 2013.
1. Appointment of Adjudicating Officer:
Ministry of Corporate Affairs vide its Gazette notification number S.O. 831(E) dated 24/03/2015 appointed undersigned as Adjudicating Officer in exercise of the powers conferred by section 454 of the Companies Act, 2013 [herein after known as Act] read with Companies (Adjudication of Penalties) Rules, 2014 for adjudging penalties under the provisions of this Act.
2. Company details:
In the matter relating to SHREEPATI BUILD INFRA INVESTMENT LIMITED [herein after known as Company] bearing CIN U70109GA2012PLC007213, is a company registered with this office under the Provisions of the Companies Act, 2013/1956 having its registered office situated at ROW HOUSE D, CASTLE ROCK – LAND SCAPE TOWN, ODXEL, GOA, NEAREST POLICE STATION, DONA PAUL. NA GOA NORTH GOA GOA INDIA 403004
Individual details:
In the matter relating to SURESH EKNATH KOLHATKAR __________
In the matter relating to KUMARPAL PHOOLCHAND GANDHI __________
In the matter relating to RAJENDRA RAMESHCHANDRA CHATURVEDI __________
C. Provisions of the Act:
(8) If a company is in default in complying with the provisions of this section, the company shall be liable to a penalty of three lakh rupees and every officer of the company who is in default shall be liable to a penalty of fifty thousand rupees
D. Facts about the case:
1. Default committed by the officers in default/noticee – This office has concluded non-compliance of Accounting standard 9 and Accounting standard 15 for FY 2021-22 and same has been qualified by Auditor in Audit report for FY 2021-22. Therefore, it is automatic non-compliance of section 134(5A) of the Companies Act, 2013 for given explanation of default of accounting standard in Director’s Responsibility statement. Hence, company and its directors have violated 134(5A) r/w 134(8) of the Companies Act, 2013.
2. E-hearing requested by the company.
E. Order:
1. This office had submitted Inquiry Report in the matter of Shreepati Infra Investment Limited to the Ministry/Regional Directorate and instructions from the Directorate were received to this office to take action for violation of Section 134(5A) r/w 134(8) of the Companies Act, 2013 r/w AS-15, AS-09 for the FY 2021-22.
2. In compliance with the directions, this office had issued Show Cause Notice vide ID: SCN/ADJ/07-2025/GA/02213 dated 04.08.2025 regarding the above mentioned violation by the company.
3.The Company has submitted its replies to the SCN/during e-hearing stating that the non-compliance of Section 134(5A) read with 134(8) arose due to deviation from AS-09 and AS-15, which form part of the Financial Statements u/s 129 of the Companies Act. The company further stated that:
i. The deviation was reported by the Auditor in his Audit Report.
ii. Relevant disclosures were made in the Notes to Accounts forming part of the Audited Financial statements for FY 2021-22.
iii. The Compounding Application for these violations has been already filed and allowed.
4. The Company also submitted that since the violation u/s 134(5A) is directly linked to the non-compliance of AS-09 and AS-15, initiating separate proceeding u/s 134(5A) would result to double jeopardy. Therefore, they have requested that the matter be treated as settled through compounding under Section 129 and that no further action be taken.
5. The reply of the company was not found satisfactory as the violation under Section 134(5A) of the Companies Act, 2013 is a distinct and independent non-compliance relating to the Directors responsibility statement towards compliance with accounting standards and proper disclosure in the financial statements. Accordingly, after considering the facts and submissions of the case, the Adjudicating Officer, in exercise of the powers conferred under the Companies Act, 2013, has imposed a penalty of Rs.3,00,000/- on the company and Rs.50,000/- on Shri Suresh Eknath Kolhatkar, CFO of the company for contravention of section 134(5A) of the Companies Act, 2013. No penalty is imposed on other directors in view of the provisions of Section 2(60) of the Companies Act, 2013.
2. The details of penalty imposed on the company, officers in default and others are shown in the table below:
| (A) | Name of person on whom penalty imposed (B) | Rectification of Default required (C) | Penalty Amount (D) | Additional Penalty (E) (*Per day of continuing default i.e. date of rectification of default less order issue date) | Maximum limit for Penalty (F) |
| 1 | SHREEPATI BUILD INFRA INVESTMENT LIMITED having CIN as U70109GA2012P LC007213 | 300000 | 0 | 300000 | |
| 2 | SURESH EKNATH KOLHATKAR having DIN as 00811191 |
50000 | 0 | 50000 | |
| 3 | KUMARPAL PHOOLCHAND GANDHI having DIN as 02681332 | 0 | 0 | 50000 | |
| 4 | RAJENDRA RAMESHCHAND RA CHATURVEDI having DIN as 00205602 | 0 | 0 | 50000 |
3. The notified officers in default/noticee shall rectify the default mentioned above and pay the penalty, so applicable within 90 days of receipt of the order.
4. The notified officers in default/noticee shall pay the penalty amount via ‘e-Adjudication’ facility which can be accessed through the respective login IDs on the website of Ministry of Corporate Affairs and upload the copy of paid challan / SRN of e-filing (if applicable) on the ‘e-Adjudication’ portal itself. It is also directed that the penalty so imposed upon the officers in default shall be paid from their personal sources/income.
5. Appeal against this order may be filed in writing with the Regional Director, RD Mumbai within a period of sixty days from the date of receipt of this order, in Form ADJ setting for the grounds of appeal and shall be accompanied by a certified copy of this order [Section 454 (5) & 454 (6) of the Act, read with Companies (Adjudication of Penalties) Rules, 2014].
6. For penal consequences of non-payment of penalty within the prescribed time limit, please refer Section 454(8) of the Companies Act, 2013.
Trupti Sharma,
Registrar of Companies
ROC Goa
